High cost of college has led families and students to consider options

Tuesday, March 5, 2013

The rising cost of college has led more families to eliminate some choices because of high prices and consider community college as a starting point for a four-year degree, according to a recent survey by the Student Loan Marketing Association, commonly known as Sallie Mae.

"How America Pays for College 2012" also found that half of families with children younger than 18 were saving for college, a drop of 10 percentage points from 2010.

And once they enroll, students draw from savings, income and loans to pay 30 percent of the total bill, up from 24 percent four years ago. Parents covered 37 percent of the bill, down from 45 percent four years ago.

The percentage of families, 69 percent, who eliminated college choices because of cost rose to the highest level since the study began five years ago.

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